Question Five Aluko Lid sells an inventory named WY12 at Kano. The product is bought at Lagos and transported to the company's warehouse at Kano. In the month of April 2020 , the first month of the current accounting period, the following transactions took place April 1": : inventory of 10 cartons (a) N1,500 each During April: a) Purchased 180 cartons @ a cost fNI,500 each b) Cost of transportation (including incidental expenses) N38,550 c) 3 cartons were found to have been damaged but the damage was considered to be within normal limit d) Sales were made as follows: 50cartons@N1,70089,1070cartonsN1,850129,20055carton@N2,000v10,000 Required: i. Ascertain the value of closing inventory at 30th April 2020 using FIFO ii. Prepare the Statement of profit or loss for the month of April 2020